Equitable Distribution in Erie, PA | Carney & Good

Aside from child custody and child support matters, the distribution of marital assets and debts can be one of the most controversial issues in a divorce case. The attorneys of Carney & Good have an exceptional amount of experience with family law cases and are able to providle a reasonable perspective to any equitable distribution matter. Equitable distribution of assets does not mean 50/50 division. When a divorce occurs in Pennsylvania, the marital assets are divided according to what the court believes to be a fair split.

The equitable distribution process involves:

Accounting for all marital assets

Assigning them a value when necessary

Distributing them among the spouses fairly

The Pennsylvania Divorce Code controls your divorce if you do not agree on the division of property and debts on your own. If you have a prenuptial agreement and it doesn't include something that is available to you according to Pennsylvania Law, you may still be able to assert those rights. Our experienced attorneys can help initiate equal distribution and fight for what is lawfully yours. The Law Offices of Carney & Good proudly offer equitable distribution legal services to residents of Erie, PA and the surrounding areas.

How is property classified in equitable distribution?

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Pennsylvania is not a community property state where spouses are joint owners of all marital property. Property is characterized in two ways in the state of Pennsylvania. Separate property belongs to one spouse, and marital property is assets and income acquired together by the married couple. Separate property can include property acquired before the marriage, inheritances or gifts received during the marriage, property excluded through a prenuptial, and property acquired after separation. Typically, separate property is allowed to be bypassed in regards to the equitable distribution process.

What are marital assets?

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Marital assets or marital property can include homes, real estate, cars, furniture, businesses owned, jewelry, art, investments, retirement accounts and other financial packages. Anything acquired during the marriage will be presumed as marital property – even if it's only in one individual's name. Occasionally, a party may agree to trade other assets or come to an agreement.

What are marital debts?

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In Pennsylvania, marital debts are defined as debts that were acquired by either spouse after the marriage date and before the date of separation. Common marital debts include credit card bills, mortgages, car loans, home equity loans, tax obligations and judgments. If a credit card was only in one spouse's name and used during the marriage, both parties are responsible.

If both parties are able to agree upon property division, do we have to rely on the laws?

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No, the court will only promote equitable distribution is a divorcing couple is unable to negotiate and agree on a property settlement. If you are only able to agree on a portion of the estate, the court will also engage in distributing the undivided items.

If my spouse and I have a prenuptial agreement, does that control our property division?

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In most cases in Pennsylvania, a prenuptial agreement is imposed as long as it is lawful in the state that it was signed by the two parties. A prenuptial agreement is lawful if 1) both parties made a full and fair disclosure of assets at the time of marriage and 2) no fraud, duress or cercion was involved in getting the parties to sign the agreement.